CORELOGIC, INC. CLGX Cash Flow

Corelogic, inc. (CLGX)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net income
81,512	49,380	31,908	31,176	95,264	121,864	173,963	182,267	165,011	152,162	91,036	95,346	94,508	106,550	141,002	134,465	127,089	128,996	105,991	123,207	106,382	74,467	46,312	44,275	71,605	107,675	135,049	129,612	128,653	111,648	75,078	-70,305	-81,165	-73,629	-58,979	-34,908	-33,196	-18,630	0	0	0
Less: Income/(loss) from discontinued operations, net of tax
-17,441	-17,500	-17,881	-603	-571	-600	-296	-286	-192	2,300	1,953	1,091	1,009	-1,466	-1,109	-289	-503	-556	-1,879	-6,619	-17,149	-16,653	-18,731	-11,217	11,111	14,423	48,464	35,649	25,051	12,387	-2,729	-96,792	-106,330	-95,712	-100,973	-132,954	-100,464	-83,536	0	0	0
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax
-	-	-	-	-	-	-	-	-	313	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-7,008	-12,232	5,084	5,551	3,841	9,277	-2,987	-3,454	0	0	0	0	-	-	-	-
Net income from continuing operations
98,923	66,850	49,776	31,766	95,822	122,451	174,241	182,537	165,188	149,534	90,703	95,873	95,116	109,946	142,111	134,754	127,592	129,552	108,234	129,714	123,419	91,008	64,779	60,756	65,758	100,260	98,817	88,879	98,051	95,420	68,530	29,474	28,619	22,083	60,979	117,031	86,253	83,891	0	0	0
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Asset Impairment Charges
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
185,340	187,716	192,090	194,834	195,075	191,996	188,086	184,950	180,474	177,806	176,813	175,986	176,406	172,578	168,121	160,062	154,043	150,377	152,417	151,742	149,836	143,364	130,271	122,909	121,697	126,332	120,371	125,006	121,758	117,108	117,337	119,145	114,517	108,063	106,843	90,593	91,947	94,881	0	0	0
Amortization of debt issuance costs
5,000	5,100	5,100	5,300	5,300	5,400	5,537	5,530	5,660	5,700	5,715	5,689	5,740	5,785	5,656	5,797	6,278	6,259	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of operating lease assets
15,021	15,401	11,675	7,923	4,036	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for bad debt and claim losses
15,108	15,534	13,900	13,564	14,408	13,467	15,570	16,266	15,814	16,725	20,073	19,881	19,732	18,869	12,996	9,433	8,543	8,260	7,899	10,621	10,749	11,825	13,541	11,834	12,105	13,345	13,638	17,291	18,457	20,027	14,368	16,909	18,158	17,084	23,669	22,430	22,893	23,096	0	0	0
Share-based compensation
34,485	36,292	34,485	35,152	38,411	37,196	35,883	34,727	32,377	35,867	39,548	41,470	42,473	39,849	39,226	36,565	36,597	35,786	29,721	28,158	26,100	25,379	28,290	25,950	26,809	26,901	25,229	28,432	24,501	20,752	17,897	14,262	12,453	11,209	11,945	10,983	10,614	13,969	0	0	0
Tax benefit related to stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	2,315	2,581	2,688	3,203	6,513	19,427	18,707	17,308	6,791	1,689	1,523	1,525	5,146	-3,187	-3,478	-3,200	-935	0	0	0	-	-	-	-	-	-	-	-
Equity in (earnings)/losses of affiliates, net of taxes
1,489	555	-919	-1,685	838	1,493	2,955	2,888	-230	-1,186	-1,331	-497	-137	496	2,384	5,275	9,864	13,720	15,762	16,297	15,504	14,120	13,802	15,486	20,955	27,361	30,450	32,900	35,301	35,983	39,503	39,677	33,651	30,515	32,441	37,609	40,452	41,641	0	0	0
Gain on sale of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	31	-94	-8	-16	-24	0	0	0	-	-	-	-	-	-	-	-	-951	0	0	0	-	-	-	-	-	-	-	-
Loss on early extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-763	-763	-763	-593	0	0	27	0	-326	-326	-353	-10,516	-10,190	0	0	0	-	-	-	-
Deferred income tax
421	2,675	6,019	9,906	25,036	26,940	-23,452	-38,219	-43,430	-40,769	892	15,358	21,981	18,213	47,106	45,271	38,275	35,110	8,101	16,534	22,920	20,986	15,417	7,722	4,822	8,120	32,813	37,310	34,705	34,476	-4,415	-32,036	-18,338	-7,401	26,449	19,389	7,900	-6,149	0	0	0
Gain (Loss) on Investments
-	-	-	-	-	-	-	0	-3,090	-	31,139	14,177	21,235	19,779	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Loss/(gain) on investments and other, net
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	553	8,902	4,242	5,495	12,940	6,342	12,032	18,223	6,341	4,694	4,996	-29,898	-29,762	31,530	60,750	0	0	0	-	-	-	-
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable
35,573	37,051	14,597	18,011	-2,859	-21,093	-23,796	-17,851	-17,315	-15,522	-6,691	5,988	8,672	24,391	28,567	-16,919	8,097	15,400	16,934	47,344	10,687	-13,151	-49,886	-43,580	-42,583	-24,553	7,492	20,169	32,901	35,032	37,197	43,157	22,981	8,242	8,619	-4,608	833	10,011	0	0	0
Prepaid expenses and other current assets
814	7,269	673	1,272	3,172	1,158	5,089	-3,028	774	-4,942	-13,908	-16,788	-9,107	-2,823	4,987	9,461	-9,434	-7,104	-3,552	2,145	5,294	-1,231	-3,908	-3,391	1,051	-113	-647	-676	-5,099	-3,017	-2,601	3,300	9,734	17,669	15,412	-889	4,666	-5,413	0	0	0
Accounts payable and other accrued expenses
-151	296	-13,943	-15,685	-30,609	-17,957	-25,985	2,508	-28,375	-44,629	-66,555	-82,018	-24,542	-29,267	-40,290	-50,327	-41,711	-45,289	36,965	8,732	7,694	-5,000	-44,501	-6,781	-19,413	-9,330	14,162	25,953	49,796	61,073	17,460	-16,897	-40,263	-31,143	-14,111	39,973	20,140	95	0	0	0
Contract liabilities
74,146	49,947	22,052	10,038	-13,054	-15,983	-7,866	-1,790	18,374	36,577	43,905	56,210	60,638	53,682	47,851	43,833	72,637	68,410	75,973	75,103	28,828	16,010	919	9,742	23,999	48,125	58,113	38,736	34,197	10,830	1,486	2,880	-13,707	-18,782	-15,556	-15,475	-22,160	-22,543	0	0	0
Due from FAFC
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Due to FAFC
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Income taxes
16,173	22,209	22,250	24,452	10,306	-1,142	7,160	3,698	1,768	-43	-3,597	-12,166	16,711	28,740	-1,862	-1,955	-20,676	-32,771	-58,162	-59,458	-5,883	-11,380	10,667	5,302	-61,537	-27,543	-29,746	-50,983	-9,056	-15,707	44,003	119,983	77,736	80,183	2,148	-46,831	-75,041	-55,766	0	0	0
Dividends received from investments in affiliates
2,172	1,987	0	0	-1	775	775	876	1,974	1,198	1,469	3,220	3,861	9,044	12,341	20,517	26,847	30,084	32,675	29,091	42,817	38,655	39,114	38,864	29,702	36,680	54,463	57,315	62,882	70,666	53,979	57,004	49,822	42,929	55,827	70,352	68,023	64,603	0	0	0
Other assets and other liabilities
37,067	31,889	36,040	29,102	13,259	16,185	16,131	17,102	-11,788	-14,987	7,566	12,174	46,818	42,666	-16,791	-9,959	-16,306	-11,118	-17,104	-28,495	-9,274	-21,192	17,454	13,885	-3,408	19,230	35,391	37,247	36,171	25,222	-35,089	-28,663	-37,771	-34,909	-19,998	-1,940	25,496	6,433	0	0	0
Net cash provided by operating activities - continuing operations
437,289	389,023	351,054	327,297	319,491	355,118	365,832	394,176	386,739	382,209	365,396	377,109	422,967	413,989	393,759	376,350	381,605	336,149	384,514	340,617	364,993	335,593	301,442	321,583	257,992	328,220	315,383	288,324	348,997	336,651	332,656	290,906	191,949	143,743	137,187	184,535	131,887	164,145	0	0	0
Net cash provided by operating activities - discontinued operations
-24,789	-24,807	-1,149	-1	-7	-5	-9	-12	3,682	3,655	3,684	3,303	-496	-444	-496	-324	-6,575	-7,612	-19,197	-28,519	-19,536	-13,717	-73	2,572	21,406	25,600	40,379	47,462	40,191	26,494	42,988	34,300	15,672	19,253	29,440	31,878	101,258	42,049	0	0	0
Total cash provided by operating activities
412,500	364,216	349,905	327,296	319,484	355,113	365,823	394,164	390,421	385,864	369,080	380,412	422,471	413,545	393,263	376,026	375,030	328,537	365,317	312,098	345,457	321,876	301,369	324,155	279,398	353,820	355,762	335,786	389,188	363,145	375,644	314,092	205,395	162,996	163,743	236,755	235,371	206,194	0	0	0
Cash flows from investing activities:
Purchases of subsidiary shares from and other decreases in noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	18,023	18,023	18,023	18,023	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Purchases of property and equipment
81,864	91,572	84,480	85,640	76,384	62,304	52,994	41,649	41,777	40,508	38,589	37,590	44,072	45,211	49,296	50,511	42,562	44,149	44,912	47,225	49,995	52,025	54,200	60,631	64,122	68,745	64,459	61,016	56,076	51,545	46,348	43,418	44,951	41,153	40,434	47,128	41,279	52,610	0	0	0
Purchases of capitalized data and other intangible assets
40,536	40,019	39,505	34,793	34,478	35,075	34,259	36,377	36,093	34,990	34,039	34,782	34,927	35,507	35,915	35,629	34,186	36,409	37,628	37,303	39,188	35,129	34,253	35,446	35,537	37,841	36,930	35,720	34,719	32,189	31,189	29,248	27,670	27,009	26,327	25,918	25,163	24,814	0	0	0
Cash paid for acquisitions, net of cash acquired
25,043	13,283	91,891	78,573	199,055	219,588	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	694,871	693,481	755,233	750,780	92,049	149,369	85,206	85,381	78,354	-110	29,995	186,818	214,215	223,352	193,340	36,625	9,228	0	0	0
Purchases of investments
1,289	658	0	0	0	-	-	-	-	-	-	-	-	3,366	3,366	1,847	3,800	3,748	3,748	2,516	388	0	0	0	0	2,351	2,351	2,351	2,351	0	-500	-2,323	-2,351	26,398	32,363	31,381	56,033	27,284	0	0	0
Cash received from sale of business-lines
3,027	4,109	4,042	4,260	4,260	3,178	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,263	2,263	12,263	12,263	10,000	0	0	0	-	-	-	-	-	-	-	-
Proceeds from maturities of debt securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Proceeds from sale of property and equipment
-	-	-	-	-	207	217	228	432	335	326	319	26	31	64	153	145	137	0	0	0	-	-	-	-	-	-	-	-	1,863	26,505	26,874	25,087	25,042	0	0	0	-	-	-	-
Proceeds from investments and other
5,085	5,591	9,327	4,893	4,893	4,716	1,980	1,980	1,980	1,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	74,621	53,847	53,847	105,622	26,386	0	0	0
Change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,928	-697	-1,171	-1,434	-2,629	-838	-416	310	-2,897	-7,481	-9,528	-10,068	-5,692	-2,056	-232	-86	403	-2,214	-1,905	-2,091	0	0	0	-	-	-	-
Net cash used in investing activities - continuing operations
-140,617	-135,829	-203,153	-190,501	-300,657	-308,866	-229,170	-341,628	-290,745	-268,917	-240,970	-120,576	-454,453	-474,747	-574,118	-696,467	-291,746	-277,226	-225,605	-71,774	-78,965	-743,032	-739,575	-843,793	-840,911	-188,655	-245,143	-161,943	-156,214	-142,139	65,249	49,578	-109,268	-178,967	15,066	-6,781	126,973	143,972	0	0	0
Net cash provided by investing activities - discontinued operations
0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,536	1,542	1,536	1,535	2,115	1,943	1,862	-1,828	-711	-5,529	-5,203	-5,838	-10,452	-6,978	-8,706	-18,559	-20,875	74,080	-82,729	0	0	0
Total cash used in investing activities
-140,617	-135,829	-203,153	-190,501	-300,657	-308,866	-229,170	-341,628	-290,745	-268,917	-240,970	-120,576	-454,453	-474,747	-574,118	-696,467	-291,746	-277,226	-225,605	-70,238	-77,423	-741,496	-738,040	-841,678	-838,968	-186,793	-246,971	-162,654	-161,743	-147,342	59,411	39,126	-116,246	-187,673	-3,493	-27,656	201,053	61,243	0	0	0
Cash flows from financing activities:
Purchases of redeemable noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	72,000	385,847	385,847	385,847	385,847	0	0	0
Proceeds from long-term debt
-	-	-	-	-	191,291	120,095	2,045,095	1,995,095	1,995,000	0	0	0	-	-	-	-	114,375	114,375	14,375	511	690,017	740,589	741,113	741,288	51,647	0	0	0	-	-	-	-	-	-	-	-	843,524	0	0	0
Debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14,042	24,478	24,478	24,478	10,436	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of long-term debt
1,859,115	1,883,955	1,902,765	1,894,040	153,077	173,236	160,255	1,875,954	1,870,371	1,842,290	1,859,358	643,552	711,794	709,983	683,178	148,478	63,170	82,891	128,169	179,534	230,403	200,006	118,986	56,793	5,420	4,666	56,866	57,313	118,868	166,715	120,073	142,613	574,334	733,407	745,187	808,557	905,089	713,643	0	0	0
Proceeds from issuance of shares in connection with share-based compensation
10,323	10,149	9,946	10,133	8,425	21,140	22,850	22,657	22,678	9,595	8,118	9,610	11,001	14,907	16,134	14,261	18,164	22,569	29,031	28,882	23,184	15,213	22,306	25,553	26,341	28,232	15,535	19,848	17,931	13,497	8,263	435	1,057	3,087	8,747	7,971	9,914	11,674	0	0	0
Payment of tax withholdings related to net share settlements
9,526	10,026	9,880	10,443	10,877	12,858	13,037	12,305	12,313	14,043	14,592	14,829	15,591	10,507	10,349	11,586	10,616	15,230	45,652	43,756	42,086	15,980	311	311	788	8,665	-7,344	-7,569	-9,903	-3,466	0	0	0	-	-	-	-	-	-	-	-
Shares repurchased and retired
89,106	86,675	83,642	74,771	90,584	109,063	161,984	229,788	206,058	207,416	214,502	206,827	214,840	195,003	0	0	0	-	-	-	-	91,475	180,377	197,526	172,335	241,161	133,565	273,561	302,305	226,629	226,629	28,744	161,430	176,512	206,683	206,683	45,253	30,171	0	0	0
Contingent consideration payments subsequent to acquisitions
-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distribution to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10	10	230	555	4,835	13,916	19,527	37,209	27,800	0	0	0
Dividends paid
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22,657	0	0	0
Contingent consideration payments subsequent to acquisitions
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax benefit related to stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	2,315	2,581	2,688	3,203	6,513	6,723	6,157	5,424	6,791	8,603	8,769	8,767	5,146	3,187	3,478	3,200	935	753	86	183	344	497	2,680	2,120	3,423	0	0	0
Net cash used in financing activities - continuing operations
-204,856	-211,165	-155,378	-138,146	-55,517	-82,726	-192,331	-64,589	-85,263	-73,448	-54,690	-235,684	9,241	41,144	106,667	279,049	-42,061	-58,546	-115,774	-268,414	-299,367	390,518	430,638	479,619	557,621	-179,903	-127,978	-264,566	-359,945	-332,388	-413,272	-246,488	26,242	-150,002	-304,026	-391,160	-527,462	-340,950	0	0	0
Net cash provided by financing activities - discontinued operations
0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-82	-81	-80	-79	-3	66	65	64	-564	-501	7,696	29,087	0	0	0
Total cash used in financing activities
-204,856	-211,165	-155,378	-138,146	-55,517	-82,726	-192,331	-64,589	-85,263	-73,448	-54,690	-235,684	9,241	41,144	106,667	279,049	-42,061	-58,546	-115,774	-268,414	-299,367	390,518	430,638	479,619	557,621	-179,903	-128,060	-264,647	-360,025	-332,467	-413,275	-246,422	26,307	-149,938	-304,590	-391,661	-519,766	-311,863	0	0	0
Effect of exchange rate on cash, cash equivalents, and restricted cash
-4,260	230	1,173	1,222	2,064	2,575	2,038	1,047	-200	-1,325	-432	-602	-949	2	-5,465	661	2,252	2,182	6,276	-396	-1,040	-625	-919	1,361	-1,608	-2,116	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net change in cash, cash equivalents, and restricted cash
62,767	17,452	-7,453	-129	-34,626	-33,904	-53,640	-11,006	14,213	42,174	72,988	23,550	-23,690	-20,056	-79,653	-40,731	43,475	-5,053	30,214	-26,950	-32,373	-29,727	-6,952	-36,543	-3,557	-14,992	-20,763	-94,242	-132,759	-116,817	21,845	106,861	115,521	-174,550	-144,340	-182,562	-83,342	-44,426	0	0	0
Less: Change in cash, cash equivalents, and restricted cash - discontinued operations
24,825	24,807	-1,139	9	3	5	-7,319	-7,322	-3,628	-3,655	4,572	4,191	392	444	14,728	14,900	8,649	7,612	4,029	12,239	15,974	12,181	-1,462	-4,687	-41,181	-27,462	-54,819	-56,164	-7,842	-21,212	15,925	-8,422	-14,689	-10,611	-59,951	-41,523	-142,687	-11,593	0	0	0
Plus: Cash swept from discontinued operations
-24,789	-24,807	-1,149	-1	-7	-5	-9	-12	3,681	3,655	3,684	3,303	-495	-444	-496	-354	-6,652	-8,146	-18,361	-27,129	-18,140	-12,196	-436	5,891	22,916	27,305	42,298	57,952	38,347	29,481	0	0	0	-	-	-	-	-	-	-	-
Supplemental disclosures of cash flow information:
Cash paid for interest
70,476	71,436	71,633	70,831	70,337	68,539	66,280	62,480	57,240	53,455	50,774	51,462	64,062	58,566	68,786	62,266	61,117	64,679	64,267	63,571	62,365	59,376	55,952	52,504	50,477	46,432	46,532	47,522	49,852	51,828	35,543	66,062	54,778	57,851	58,252	37,484	41,270	37,631	0	0	0
Cash paid for income taxes
16,236	15,682	12,932	12,459	27,750	26,780	51,401	60,918	71,159	71,697	64,451	62,953	31,916	31,382	19,470	27,562	39,828	47,783	41,894	26,028	13,280	5,436	13,355	36,187	70,803	71,055	94,442	100,510	71,539	71,283	40,456	25,619	34,585	36,480	60,588	67,619	57,551	58,008	0	0	0
Cash refunds from income taxes
1,566	17,145	17,204	16,616	16,696	3,663	12,160	12,014	12,026	9,413	572	629	566	537	667	1,336	1,865	3,737	3,951	3,251	29,692	27,545	27,419	27,396	340	14,096	16,521	17,746	18,916	18,330	58,494	58,463	57,341	50,157	8,780	7,456	10,483	32,497	0	0	0
Non-cash investing activities:
Capital expenditures included in accounts payable and other accrued expenses
8,463	10,952	9,117	20,782	22,944	14,742	16,154	11,359	6,949	5,524	25,284	24,637	19,366	23,108	4,661	5,422	11,091	5,909	7,404	5,977	5,927	4,492	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjustment of carrying value of mandatorily redeemable noncontrolling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,800	-3,863	667	2,319	11,273	0	0	0
Notes Issued
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,700	12,700	12,700	12,700	0	0	0	0